Ireland tax receipts seen as cushion

DUBLIN: Ireland’s corporation tax receipts for 2019 will be around 300 million euros higher than previous estimates, figures released on Saturday showed, giving the country a cushion against any economic slowdown in the event of a hard Brexit, Reuters reported.

In a paper published ahead of next week’s budget, the government said it expected corporation tax receipts of 10.28 billion euros this year, rising to 10.44 billion euros next year.

The government had estimated receipts of 9.98 billion euros for 2019, and 10.465 billion euros for 2020.

Ireland is heavily dependent on corporation taxes, which have more than doubled since 2012 and now account for around 17.5% of total tax revenues.

The value of the budgetary package to be announced on Oct.8 will be around 2.8 billion euros — 2.1 billion of which has already been pre-committed to areas including planned infrastructure spending and public sector pay.